Drawing the tax free lump sum from multiple pensions

[mlane51]

I have three pensions .Two of them are private AVC pensions and the third is an occupational pension that i have to retire to drawdown either to an annuity or to an ARF .I am now 65 and i want the 25% ie 200k now. Am I allowed to draw down the two private pensions and remain working for two more years ?.Regards Martin

 

[Steven Barrett]

AVC's are linked to the occupational pension scheme and subject to the scheme rules. You cannot mature the AVC's before those of the main scheme.


Steven
www.bluewaterfp.ie

 

[Conan]

If you draw down all the benefits now that you are 65, there is nothing to stop you continuing to work.
In terms of the lump sum, the amount will initially depend on whether the scheme is Defined Benefit or Defined Contribution.
If DB the lump sum will be a function of service and salary with a max of 150% of salary.
If DC then it's 25% of total fund (including AVC funds).

The first €200k is tax free any excess is taxable at 20%.

 

[North Star]

Hi Mlane51,
There is a useful thread here re options and things to consider when looking at taking retirement benefits. http://www.askaboutmoney.com/threads/concerned-about-parents-pension.200075/

The thread title may not be related to your original post but the content probably is relevant.
All the best Vincent